• Sat. Mar 2nd, 2024

Business Finland on Trial for Aid Fraud in Uros Technology Company Scandal


Feb 13, 2024
Trial of man commences as millions in development loans obtained under false pretenses

In 2011-2015, Uros, a technology company that has since gone bankrupt, received over six million euros in product development loans and grants from Business Finland. The trial of the founders of Uros, who are accused of gross aid fraud, begins today in the district court. The suspects deny the acts during the preliminary investigation.

Uros had debts of at least 13.5 million euros and only about 14,000 euros in cash at the time of their alleged crime. Business Finland became aware in 2019 and 2020 that Uros had concealed essential facts and misled them with false information. This led to the fact that funding would not have been granted if these matters had been disclosed.

In December 2020, Uros sold assets to a parent company at significantly underpriced prices. This led to the use of subsidiaries to move Uros’s assets out of reach of creditors. The Oulu District Court ordered the cancellation of these business transactions in October 2021. Jyrki Hallikainen, who was considered the representative of Uros Ag in this case, did not respond to the bankruptcy estate’s claim within the deadline, resulting in a unilateral verdict by the court.

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